VISAKHAPATNAM: Vice-President M Venkaiah Naidu called for increasing indigenous production of crude oil through strong research efforts to ensure energy security. He was the chief guest for the first convocation of Indian Institute of Petroleum and Energy that was conducted in Visakhapatnam on Friday.
Delivering the convocation address, Venkaiah Naidu said that India is the world’s third largest consumer of crude oil, but is still dependent on imports for more than 80 per cent of its needs. “The need of the hour is to increase production, not only to save foreign exchange but also to ensure energy security. The policy reforms such as the hydrocarbon exploration licensing policy are aimed at increasing exploration in new sedimentary basins,” said Naidu.
